OceanFirst Financial Corp. Announces Redemption of all Outstanding 57,370 shares of 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock of OceanFirst Financial Corporation

RED BANK, N.J., April 11, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), announced today that it will redeem 57,370 shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), constituting all of the outstanding shares of the Series A Preferred Stock, on May 15, 2025, the next dividend payment date for the Series A Preferred Stock (the “Redemption Date”). Payment of the cash redemption price equal to $1,000 per share of Series A Preferred Stock (the “Redemption Price”) (equivalent to $25 per Depositary Share) will be made on the Redemption Date. The Redemption Price does not include the previously declared dividend payment that is due on the Redemption Date and that will be paid immediately prior to the redemption of the Series A Preferred Stock on the Redemption Date to holders of record on the record date for such dividend payment. On the Redemption Date, simultaneous with the redemption of the Series A Preferred Stock, the depositary for the Series A Preferred Stock will redeem 2,294,800 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of the Series A Preferred Stock, for an amount per Depositary Share equal to 1/40th of the Redemption Price per share of Series A Preferred Stock.

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